Saturday, September 27, 2014

Miami developers fishes for Argentinian investors

With a new profile and a strong commitment to cultural projects, international developers looking to attract retail investors in Argentina willing to purchase property in Miami. With the local market paralyzed by the dollar and stocks fall in activity, investments in the main town of Florida add followers. So much so that between 2012 and 2013, Argentine t he spent more than U $ S2.000 million in property in the United States, according to President Cristina Kirchner last year.
In recent weeks, Buenos Aires hosted several conventions to which real estate developers showcased their different projects.
 "Miami is booming. It is the eighth most visited city worldwide. Development is gaining prominence in the infrastructure of the city and ventures related to culture," some  realtors says
"There is a cultural offering that is settling nicely. Has been formed arts district that summons European investors, Venezuelans, Brazilians, Mexicans, Argentines and Russians," says De la Vega. The four projects that came to Buenos Aires to present ranging from Brickell City Center, a joint venture in the financial and commercial district of the city to One Thousand Museum, condominium with luxury residences and a museum designed by the Iranian architect Zaha Hadid , to be built in the Downtown. "Despite the crisis, Argentina remains an important market for us," he says.
With the crisis of 2008-2009, the real estate bubble burst and property prices collapsed in Miami. According to the executive "whole precrisis inventory was absorbed 50% of its value. Since prices recovered, especially in the premium market."
According to Property Report, Argentines occupy seventh place in the ranking of investors in the United States, with the cities of Miami and Orlando at the head of preferences. Market data indicates that the performance that can be obtained by putting a property for rent in Miami Rocks 7% annually, a rate that doubles the yields seen in the city of Buenos Aires.

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